Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 48.8% | 51.7% | 50.8% | |||||
| 50.9% |
| 52% |
| 53.3% |
| 53.4% |
| 49.8% |
| EBITDA margin % | 11.7% | 14.4% | 13.3% | 13.5% | 13.8% | 11.2% | 11.3% | 11.3% |
| EBIT margin % | 8.4% | 7.5% | 6.4% | 7.4% | 8.4% | 6.5% | 6.3% | 6.5% |
| PAT margin % | 1.8% | 3% | -2% | 1.2% | 3.3% | 8.5% | 3.1% | 2% |
| Working capital | ||||||||
| Receivable days | 56 | — | 65 | 61 | 71 | 76 | 75 | 72 |
| Inventory days | 134 | — | 149 | 152 | 173 | 167 | 194 | 185 |
| Payable days | — | — | 136 | 130 | 133 | 101 | 129 | 115 |
| NWC days | — | — | 78 | 83 | 112 | 142 | 140 | 142 |
| Leverage | ||||||||
| Current ratio | 1.17 | — | 1.02 | 1.07 | 1.11 | 1.31 | 1.28 | 1.38 |
| Debt to EBITDA | — | — | 3.45 | 2.74 | 3.41 | 2.87 | 2.85 | 2.9 |
| Debt to equity | — | — | 1.39 | 1.22 | 1.14 | 0.69 | 0.63 | 0.67 |
| Interest coverage | 1.7 | 1.4 | 1.1 | 1.7 | 1.8 | 2.2 | 2 | 2.3 |
| Asset turnover | 1.08 | — | 0.78 | 0.9 | 0.79 | 0.91 | 0.85 | 0.88 |
| Return ratios | ||||||||
| Return on assets % | 2% | — | -1.5% | 1.1% | 2.6% | 7.7% | 2.6% | 1.8% |
| Return on capital employed % | 17% | — | 8.7% | 11.8% | 13.9% | 14.2% | 11.1% | 12.3% |
| Return on equity % | 8.5% | — | -5.9% | 4.1% | 7.9% | 18.2% | 6% | 4.1% |
Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.